Skip to main content
Level 2
December 6, 2019
Solved

I am trying to file an extension for a trust return, (I will not be filing the actual 1041); however I cant figure out what type of trust it is. I've read all the pubs-

  • December 6, 2019
  • 2 replies
  • 25 views

 It is an irrevocable trust which requires the trustees to pay all net income to the grantors for their lifetime.  The principal of the trust shall at all times be unavailable to the grantors.  The Grantors shall have no right to compel the Trustees to distribute any principal to or for the benefit of either Grantor; and the Trustees shall not, at any time distribute any of the principal of the trust estate to or for the benefit of the Grantors. The Trustees may, in their sole and uncontrolled discretion, distribute so much of the principal, whether the whole or a lesser amount, to or for the benefit of the Grantors' issue, excluding themselves.   I just want to make the correct selection so I can file the extension.  Thank you!

This topic has been closed for replies.
Best answer by sjrcpa

It's a simple trust unless it distributed principal. If it did, it's a complex trust. It can toggle from year to yer.

2 replies

sjrcpa
sjrcpaAnswer
Level 15
December 6, 2019

It's a simple trust unless it distributed principal. If it did, it's a complex trust. It can toggle from year to yer.

The more I know the more I don’t know.
nm17Author
Level 2
December 6, 2019

1

Just-Lisa-Now-
Intuit Community Champion
December 6, 2019
Does it matter for an extension?   Form 7004 with Code 05 is the extension for a trust.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪